Venezuela Oil production Venezuela Electricity production

Venezuela Economy

Economy - overview:venezuela continues to be highly dependent on the petroleum sector. accounting for roughly one-third of gdp. around 80% of export earnings. and over half of government operating revenues. government revenue has also been bolstered by increased tax collection. which has surpassed its 2005 collection goal by almost 50%. tax revenue is the primary source of non-oil revenue. which accounts for 53% of the 2006 budget. a disastrous two-month national oil strike from december 2002 to february 2003. temporarily halted economic activity. the economy remained in depression in 2003. declining by 9.2% after an 8.9% fall in 2002. output recovered strongly in 2004-2005. aided by high oil prices and strong consumption growth. venezuela continues to be an important source of crude oil for the us market. both inflation and unemployment remain fundamental problems.

GDP (purchasing power parity) : $161.7 billion (2005 est.)

Inflation rate: 15.7% (2005 est.)

Labor force : 12.31 million (2005 est.)

Industries: petroleum. iron ore mining. construction materials. food processing. textiles. steel. aluminum. motor vehicle assembly

Venezuela

			Over view
			Geography
			People
			Government
			Economy
			Communications
			Transportation
			Militry

Venezuela More Facts

Electricity - production: 87.44 billion kwh (2003)

Oil - production: 3.081 million bbl/day (2005 est.)

Venezuela More Facts

Exports: $52.73 billion f.o.b. (2005 est.)

Imports : $24.63 billion f.o.b. (2005 est.)
Currency (code) : bolivar (veb)